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MarketScreener Homepage  >  Equities  >  Tokyo  >  Tokyo Electric Power Company Holding Inc    9501   JP3585800000

TOKYO ELECTRIC POWER COMPANY HOLDING INC

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Japan's Hokuriku Electric buys cargo for LNG-fired power plant

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08/27/2019 | 06:33am EDT

SINGAPORE (Reuters) - Japan's Hokuriku Electric has bought a liquefied natural gas (LNG) cargo for delivery in November, as searing hot temperatures drew down inventory in the country and as lower spot prices lured buying of cargoes, industry sources said.

The Japanese utility likely bought the cargo for delivery in second half of November from Malaysia's Petronas, the sources added.

The utility started importing LNG late last year and has been buying LNG cargoes from Petronas, though its requirements have not been regular, one of the sources said.

Hokuriku did not immediately reply to an email requesting comment.

However, according to a presentation to investors in April, the company said it started up its first LNG-fired power generation unit — the Toyama Shinko thermal power station — in November 2018, which reduced its oil purchase.

The company's overall LNG consumption rose to 40,000 tonnes in 2018, compared with none in 2017, while its heavy oil consumption reduced by nearly one-third and its crude oil consumption halved from a year ago, according to the presentation.

It is also currently in talks to purchase LNG through term supply, one of the sources said, though details were not immediately clear.

Hokuriku Electric is among several Japanese utilities looking to buy more LNG from the spot market, where prices <LNG-AS> are hovering near multi-year lows and are at about half the average contract import price for buyers in Japan, the world's biggest importer of the super-chilled fuel.

Higher-than-usual temperatures in the country had also prompted some buying interest from Japanese buyers this month, including Tohoku Electric Power and JERA, a joint venture between Tokyo Electric Power Company Holdings Inc and Chubu Electric Power Co Inc, traders said.

(Reporting by Jessica Jaganathan; editing by Christian Schmollinger and Uttaresh.V)

By Jessica Jaganathan

Stocks mentioned in the article
ChangeLast1st jan.
CHUBU ELECTRIC POWER CO INC 0.24% 1661 End-of-day quote.7.65%
HOKURIKU ELECTRIC POWER COMPANY -0.81% 739 End-of-day quote.-21.72%
LONDON BRENT OIL -0.43% 64.62 Delayed Quote.25.71%
TOHOKU ELECTRIC POWER CO., INC. -2.67% 1094 End-of-day quote.-23.50%
TOKYO ELECTRIC POWER COMPANY HOLDING INC 0.91% 556 End-of-day quote.-14.72%
WTI -0.58% 58.45 Delayed Quote.36.21%
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Financials (JPY)
Sales 2020 6 400 B
EBIT 2020 174 B
Net income 2020 342 B
Debt 2020 3 237 B
Yield 2020 -
P/E ratio 2020 2,61x
P/E ratio 2021 6,00x
EV / Sales2020 0,64x
EV / Sales2021 0,68x
Capitalization 891 B
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Consensus
 
Mean consensus SELL
Number of Analysts 3
Average target price 425,00  JPY
Last Close Price 556,00  JPY
Spread / Highest target -20,9%
Spread / Average Target -23,6%
Spread / Lowest Target -26,3%
EPS Revisions
Managers
NameTitle
Tomoaki Kobayakawa Executive President & Director
Takashi Kawamura Chairman
Naomi Hirose Executive Vice Chairman
Hideko Kunii Independent Director
Keita Nishiyama Director & Head-Corporate Planning
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